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18 Oct 2013
EUR/USD rejected from highs
FXstreet.com (Edinburgh) -The single currency is now fading the earlier assault to 1.3700 and beyond, pushing the EUR/USD back below the 1.3690 region on Friday.
EUR/USD well positioned ahead NFP
Increasing selling pressure around the USD propelled the pair to test the area near ytd highs beyond 1.3700 the figure, leaving the door open for further gains should the US Payrolls disappoints on Tuesday. Camilla Sutton, Chief Strategist at Scotiabank, assessed, “There is a strong correlation with European equities, which have rallied on the back of rising risk appetite; however we would suggest that EUR is surging on the back of technical, positioning and the USD side, which is weak as investors push out expectations for tapering”.
EUR/USD critical levels
At the moment the pair is advancing 0.11% at 1.3692 with the next resistance at 1.3711 (2013 high Feb.1) followed by the psychological level at 1.3800 and then 1.3815 (high Nov.14 2011). On the downside, a breach of 1.3660 (low Oct.8) would target 1.3573 (MA10d) and then 1.3516 (low Oct.17).
EUR/USD well positioned ahead NFP
Increasing selling pressure around the USD propelled the pair to test the area near ytd highs beyond 1.3700 the figure, leaving the door open for further gains should the US Payrolls disappoints on Tuesday. Camilla Sutton, Chief Strategist at Scotiabank, assessed, “There is a strong correlation with European equities, which have rallied on the back of rising risk appetite; however we would suggest that EUR is surging on the back of technical, positioning and the USD side, which is weak as investors push out expectations for tapering”.
EUR/USD critical levels
At the moment the pair is advancing 0.11% at 1.3692 with the next resistance at 1.3711 (2013 high Feb.1) followed by the psychological level at 1.3800 and then 1.3815 (high Nov.14 2011). On the downside, a breach of 1.3660 (low Oct.8) would target 1.3573 (MA10d) and then 1.3516 (low Oct.17).